Photovoltaic Materials Market

Increased demand for energy is driving the market growth

This cost decrease has increased the availability and viability of solar energy, driving up demand for PV materials. The development of the PV materials industry has also been greatly aided by technological developments. Materials like crystalline silicon, thin-film technologies (such cadmium telluride and copper indium gallium selenide), and new materials like perovskites have all benefited from ongoing research and development activities. Solar cells are now more efficient, long-lasting, and reliable thanks to these developments, which increases their appeal to both consumers and enterprises.

The market for PV materials has been significantly influenced by government support and incentives. Numerous nations have put laws and initiatives into place to encourage the use of solar energy, including feed-in tariffs, tax credits, subsidies, and renewable portfolio standards. These policies promote solar panel installation and foster an advantageous market environment for PV products. In addition, changing consumer tastes are a result of growing environmental and climate change awareness. Solar energy has become a popular option for those looking for sustainable energy options, both personally and professionally.

In 2024, Acculon will begin producing sodium-ion battery modules. Acculon Energy, based in the United States, has announced the start of serial production of their sodium-ion battery modules and packs for mobile and fixed energy storage applications. Scaled production of 2 GWh is set to begin in mid-2024. As sodium-ion battery technology matures, both newcomers and established businesses are making frequent product and manufacturing announcements.

The increasing global demand for renewable energy sources is a primary driver of the Global Photovoltaic PV Materials Market Industry. Governments worldwide are implementing policies to reduce carbon emissions and promote sustainable energy solutions. For instance, the global market is projected to reach 72.2 USD Billion in 2024, reflecting a growing commitment to solar energy. This trend is further supported by international agreements aimed at combating climate change, which encourage investments in solar technologies. As countries strive to meet their renewable energy targets, the demand for photovoltaic materials is likely to surge, driving market growth.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia-Pacific Photovoltaic (PV) Materials Market dominated this market in 2022 (45.80%). This is due to increase favorable solar resources, encouraging government regulations, and a commitment to renewable energy sources. Further, China’s Photovoltaic (PV) Materials market held the largest market share, and the Indian Photovoltaic (PV) Materials market was the fastest growing market in the Asia-Pacific region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: PHOTOVOLTAIC (PV) MATERIALS MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe Photovoltaic (PV) Materials market accounts for the second-largest market share. This is due to the area has made a major dedication to renewable energy and has put favorable regulations in place to assist the development of solar power, such as feed-in tariffs and targets for renewable energy. Further, the German Photovoltaic (PV) Materials market held the largest market share, and the UK Photovoltaic (PV) Materials market was the fastest growing market in the European region

The North America Photovoltaic (PV) Materials Market is expected to grow at the fastest CAGR from 2023 to 2032. Due to environmental concerns and goals for renewable energy, this region is predicted to experience the biggest growth. Moreover, the U.S. Photovoltaic (PV) Materials market held the largest market share, and the Canada Photovoltaic (PV) Materials market was the fastest growing market in the North America region.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Photovoltaic (PV) Materials market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Photovoltaic (PV) Materials industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Photovoltaic (PV) Materials industry to benefit clients and increase the market sector. In recent years, the Photovoltaic (PV) Materials industry has offered some of the most significant advantages to medicine. Major players in the Photovoltaic (PV) Materials market, including Wacker Chemie AG (Germany), I. du Pont de Nemours and Company (US), Honeywell International Inc. (US), Coveme SpA (Italy), Mitsubishi Materials Corporation (Japan), Targray (Canada), Hangzhou Foster Applied Materials Co. Ltd (China), Ferrotec Corporation (US), JinkoSolar Holding Co.

Ltd (China), SunPower Corporation (US), Baoding Lightway Green Energy Technology Ltd (China), Shine Earth (Fujian) New Energy Co. Ltd (China), Power Solar Systems Ltd (India), Wuxi Suntech Power Co. Ltd (China), Acciona Energía SA (Spain), and others, are attempting to increase market demand by investing in research and development operations.

Wacker Chemie AG, headquartered in Germany, is a leading player in the photovoltaic (PV) materials market. The business specialises in the creation of cutting-edge materials used in the production of solar cells and modules. The creation of high-quality solar cells requires a variety of PV materials, including silicones, polymers, and high-purity chemicals, all of which are provided by Wacker Chemie. Wacker Chemie consistently works to improve the effectiveness, efficiency, and durability of PV materials with a strong emphasis on research and development.

The company can produce cutting-edge materials that adhere to the exacting standards of the PV industry because to its knowledge in silicon chemistry and cutting-edge manufacturing capabilities. PV materials from Wacker Chemie are widely used by solar module producers worldwide, fostering the expansion of the solar energy industry. As it seeks to offer clean and renewable energy solutions, the company's dedication to sustainability and environmental responsibility is consistent with the objectives of the photovoltaic sector.

Honeywell International Inc., a multinational conglomerate based in the United States. To meet the rising need for renewable energy, the company provides a wide range of PV materials and solutions. Advanced encapsulants, backsheets, adhesives, and other speciality materials from Honeywell's portfolio of PV materials improve the efficiency and dependability of solar cells and modules. With its proficiency in materials science and engineering, Honeywell offers creative solutions aimed at enhancing the effectiveness, resilience, and financial viability of PV systems.

PV module manufacturers all around the world use the company's products to improve the power production, long-term reliability, and environmental robustness of solar installations. Honeywell's PV materials selections demonstrate its dedication to sustainability and renewable energy. Instigating the shift to renewable energy sources, Honeywell plays a critical role by facilitating the development of high-quality solar modules.

Dow Chemical, a chemical conglomerate based in the United States, will offer a photovoltaic (PV) product line in 2023, including six silicone-based sealants and adhesives for PV module assembly.DOWSIL is a new product line designed to provide durability and performance for frame sealing, rail and junction box bonding, potting, and constructing integrated photovoltaic installation materials.

One of the most important events on the renewables calendar, All-Energy Australia, will conclude for another year in 2023, following a likely record-breaking turnout. The official numbers are not yet in, but there were 15,000 registrations, and word is that the number of attendance will easily exceed last year's event, which drew 8,500 people.